Join WaitlistJoin WaitlistEffective Date: April 27, 2026 — Last Updated: April 27, 2026 (Version 2.0)
PLAIN-LANGUAGE SUMMARY — Please read this before anything else
This summary is for quick reference only. The full terms below are the legally binding agreement.
These Terms and Conditions (“Terms”) form a legally binding agreement between you (“User”, “you”, or “your”) and Looprail (“we”, “our”, or “us”), governing your access to and use of our mobile application, digital wallets, and all related products and services (collectively, the “Services”).
By creating an account or using any part of our Services, you confirm that you have read, understood, and agreed to these Terms. If you do not agree, you must not use the Services.
These Terms should be read alongside our Privacy Policy, which is incorporated by reference and forms part of this agreement.
Looprail is a financial technology (fintech) company that provides digital wallet infrastructure and payment solutions. Our Services enable users to fund wallets, store value, transfer funds, make withdrawals to bank accounts, and manage financial transactions through a secure, compliance-driven platform.
Looprail operates in accordance with applicable Nigerian financial regulations and implements Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) procedures as required by law.
Important: Looprail is not a bank or deposit-taking institution. We do not provide savings accounts, loans, or investment products. Funds held in your wallet are not covered by the Nigerian Deposit Insurance Corporation (NDIC) guarantee scheme.
To create an account and use our Services, you must meet all of the following criteria:
We reserve the right to refuse access to any person who does not meet these criteria, without being required to give a reason.
To access the Services, you must register for an account by providing your name, email address, phone number, and other information we may reasonably request. You agree that all information you provide is truthful and that you will keep it up to date.
One person may hold only one active account. Creating duplicate or fictitious accounts is prohibited and may result in immediate termination of all associated accounts.
You are solely responsible for:
We implement industry-standard security including password hashing (Argon2), TLS-encrypted communications, session invalidation on logout, account lockout after repeated failed attempts, and device-level biometric authentication. Full details are in our Privacy Policy.
The Services are not available to users who are located in, citizens of, or otherwise connected to jurisdictions that are subject to international sanctions, export controls, or regulatory restrictions.
| Category | Jurisdiction / Entity |
|---|---|
| OFAC Sanctioned Countries | Iran, North Korea, Cuba, Syria, Russia, Belarus |
| EU / UN Sanctions List | Any jurisdiction subject to active UN or EU comprehensive sanctions |
| Other restrictions | Any country or region where Looprail determines that providing financial services would violate applicable law |
This list may be updated at any time to reflect changes in applicable sanctions regimes. By using the Services, you confirm that you are not subject to any of these restrictions. We reserve the right to block access and freeze accounts where we have reason to believe a restriction applies.
We are required by law to verify the identity of our users. To access the full functionality of the Services, you must complete our Know Your Customer (KYC) verification process, which may include providing:
Your KYC obligations
We may at any time request additional documentation, update our verification requirements in response to regulatory changes, or repeat verification.
Looprail currently offers the following services:
We may at any time add, modify, suspend, or discontinue any feature or service. Where a change materially affects your use of the platform, we will provide at least 14 days’ notice, except where an immediate change is required for legal or security reasons.
Once a transaction is confirmed and processed, it may be irreversible. Before authorising any transaction, you must carefully verify:
Looprail is not liable for losses resulting from transactions made with incorrect details. It is your responsibility to ensure all inputs are accurate before confirmation.
Your account may be subject to transaction limits based on your KYC verification tier, regulatory requirements, or risk assessment. Applicable limits will be displayed within the App and may be updated from time to time.
Transactions may fail or be delayed due to system issues, third-party provider failures, network congestion, or regulatory holds. Where a transaction fails and funds have been debited from your wallet, we will investigate and, where appropriate, reverse the transaction within 5 business days. Contact support@looprail.xyz to report a failed transaction.
We actively monitor all transactions for fraud, AML/CFT compliance, and sanctions screening. Where a transaction is flagged, we may:
We may not always be able to disclose the reason for a flag or hold due to legal restrictions.
By using the Services, you agree to pay all applicable fees. Our current fee schedule is available within the App and at https://looprail.xyz/fees. Fees may include:
| Fee Type | Description |
|---|---|
| Processing fee | Charged per transaction for payment processing |
| Currency conversion | Applied when funds are exchanged between currencies |
| Network/blockchain fee | Third-party fees for on-chain transactions (where applicable) |
| Third-party fees | Fees charged by payment processors or infrastructure providers |
All fees will be clearly disclosed to you before you confirm a transaction. We reserve the right to update our fee schedule at any time, with 14 days’ notice for material changes.
Fees are non-refundable unless a transaction failure was directly caused by Looprail’s error.
Looprail is obligated to comply with all applicable Nigerian and international financial regulations, including:
As a result, we may without prior notice:
Your acceptance of these Terms constitutes your acknowledgement of, and consent to, these compliance obligations. We will not be liable for any loss or inconvenience caused by legally required compliance actions.
You agree that you will not use the Services for any of the following:
Violation of any of the above may result in immediate account suspension, termination, reporting to law enforcement, and/or legal action. We reserve the right to report any suspected illegal activity to appropriate authorities.
All intellectual property rights in the Services — including the app design, code, logos, trademarks, written content, and trade secrets — are owned by or licensed to Looprail. Nothing in these Terms grants you any right, title, or interest in our intellectual property.
You may not, without our prior written consent:
You retain ownership of any content you upload to the platform (e.g., identification documents). By submitting such content, you grant us a limited licence to use it solely for the purposes of providing the Services.
Looprail integrates with third-party providers to deliver core functionality, including payment processing, ledger management, wallet infrastructure, push notifications, and email delivery. A full list of our current providers is available in our Privacy Policy.
You acknowledge that:
We exercise reasonable care in selecting and monitoring our third-party providers, and all providers are bound by Data Processing Agreements aligned with applicable law.
We aim to keep the Services available at all times, but we cannot guarantee uninterrupted access. The Services may be unavailable or degraded due to:
Where planned maintenance will significantly affect the Services, we will endeavour to provide advance notice within the App. We will not be liable for losses arising from service unavailability outside our reasonable control.
We may suspend your account temporarily where we suspect:
During suspension, you may not be able to access your funds. We will notify you of a suspension where legally permitted to do so and will aim to resolve the matter promptly.
We may permanently close your account where:
You may close your account at any time by contacting support@looprail.xyz or using the account deletion feature within the App.
What happens to your balance when your account is closed?
The Services are provided “as is” and “as available” without warranties of any kind, whether express, implied, or statutory. To the fullest extent permitted by law, Looprail expressly disclaims all warranties, including:
Nothing in this clause limits any statutory rights you may have under applicable Nigerian consumer protection law.
To the fullest extent permitted by applicable law, Looprail, its directors, officers, employees, agents, and affiliates shall not be liable for:
Important exceptions — we do not limit liability for:
Specific note on transaction losses: Looprail will not be liable for transaction losses resulting from incorrect recipient details you provided, your failure to secure your account credentials, or actions taken in compliance with applicable law (e.g., account freezes required by a regulator).
Where we are found liable despite the above, our total liability to you in respect of any single event or series of related events shall not exceed the greater of: (a) the value of the transaction(s) directly giving rise to the claim, or (b) ₦50,000 (Fifty Thousand Naira).
You agree to indemnify, defend, and hold harmless Looprail and its affiliates, officers, directors, employees, and agents from any claims, liabilities, damages, losses, costs, and expenses (including reasonable legal fees) arising from:
This obligation survives the termination of your account or these Terms.
If you have a dispute, complaint, or concern, please contact us first. Most issues can be resolved quickly and informally.
If informal resolution is unsuccessful, disputes shall be subject to the following process:
If you believe Looprail has violated applicable financial regulations, you may also report the matter to the relevant Nigerian regulatory authority, including the CBN Consumer Protection Department or the Federal Competition and Consumer Protection Commission (FCCPC).
These Terms are governed by and shall be construed in accordance with the laws of the Federal Republic of Nigeria, including but not limited to:
Any legal proceedings arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts of the Federal Republic of Nigeria, unless otherwise required by applicable law.
Looprail shall not be held liable for any failure or delay in performing our obligations under these Terms where such failure or delay results from circumstances beyond our reasonable control, including but not limited to:
In such circumstances, we will notify you as soon as reasonably practicable and will take all reasonable steps to resume normal service.
These Terms, together with the Privacy Policy and any other policies or notices published within the App, constitute the entire agreement between you and Looprail and supersede all prior agreements or understandings relating to the Services.
If any provision of these Terms is found to be invalid, unlawful, or unenforceable by a court of competent jurisdiction, that provision shall be modified to the minimum extent necessary to make it enforceable, or severed if modification is not possible. The remaining provisions shall continue in full force and effect.
Our failure to enforce any right or provision under these Terms shall not constitute a waiver of that right or provision. Any waiver must be made in writing and signed by an authorised representative of Looprail to be effective.
You may not assign or transfer your rights or obligations under these Terms without our prior written consent. We may assign these Terms to a successor entity in the event of a merger, acquisition, or sale of substantially all of our assets, with notice to you.
All formal notices from Looprail to you will be delivered via the email address or in-app notification linked to your account. Notices are deemed received: (a) immediately when delivered in-app, or (b) within 24 hours of being sent to your registered email address. Notices from you to us must be sent to legal@looprail.xyz.
We may update these Terms from time to time. When we do:
If you do not agree to the updated Terms, you must stop using the Services before the effective date and may request account closure. Your continued use of the Services after the effective date constitutes your acceptance of the updated Terms.
For general queries, support, or complaints:
| Contact Type | Details |
|---|---|
| General support | support@looprail.xyz |
| Security incidents | security@looprail.xyz |
| Legal / disputes | legal@looprail.xyz |
| Data / privacy requests | privacy@looprail.xyz |
| Website | https://looprail.xyz |
| Response time | 2 business days (acknowledgement) / 5 business days (resolution) |
These Terms & Conditions were last updated on April 27, 2026 (Version 2.0).